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Segment and Related Information | 12 Months Ended
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Dec. 31, 2018
Segment and Related Information [Abstract] |
Segment and Related Information | Note 21. Segment and Related Information The Company determines its operating segments based on the discrete financial information that is regularly evaluated by its chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The Company's operating segments are strategic business units that offer different products and serve different markets. They are managed separately and require different technology and marketing strategies. The Company has four reportable segments: Performance Materials, Specialty Minerals, Refractories and Energy Services.
| ● | The Performance Materials segment is a leading global supplier of bentonite and bentonite-related products, chromite and leonardite. This segment also provides products for non-residential construction, environmental and infrastructure projects worldwide, serving customers engaged in a broad range of construction projects.
| ● | The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate ("PCC") and processed mineral product quicklime ("lime"), and mines mineral ores then processes and sells natural mineral products, primarily limestone and talc.
| ● | The Refractories segment produces and markets monolithic and shaped refractory materials and specialty products, services and application and measurement equipment, and calcium metal and metallurgical wire products.
| ● | The Energy Services segment provides services to improve the production, costs, compliance, and environmental impact of activities performed in oil and gas industry. This segment offers a range of services for off-shore filtration and well testing to the worldwide oil and gas industry.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on the operating income of the respective business units. The costs deducted to arrive at operating profit do not include several items, such as net interest or income tax expense. Depreciation expense related to corporate assets is allocated to the business segments and is included in their income from operations. However, such corporate depreciable assets are not included in the segment assets. Intersegment sales and transfers are not significant. Segment information for the years ended December 31, 2018, 2017 and 2016 was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2018 |  |  | 2017 |  |  | 2016 |
Net Sales |  |  |  |  |  |  |  |  |
Performance Materials |  | $ | 828.1 |  |  | $ | 734.8 |  |  | $ | 686.1 |
Specialty Minerals |  |  | 589.3 |  |  |  | 584.8 |  |  |  | 591.5 |
Refractories |  |  | 311.9 |  |  |  | 279.4 |  |  |  | 274.5 |
Energy Services |  |  | 78.3 |  |  |  | 76.7 |  |  |  | 85.9 |
Total |  |  | 1,807.6 |  |  |  | 1,675.7 |  |  |  | 1,638.0 |
Income from Operations |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  |  | 116.8 |  |  |  | 119.7 |  |  |  | 121.1 |
Specialty Minerals |  |  | 95.4 |  |  |  | 88.9 |  |  |  | 102.7 |
Refractories |  |  | 45.4 |  |  |  | 39.8 |  |  |  | 37.0 |
Energy Services |  |  | 4.5 |  |  |  | 6.1 |  |  |  | (25.9 | )
Total |  |  | 262.1 |  |  |  | 254.5 |  |  |  | 234.9 |
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  |  | 41.1 |  |  |  | 40.5 |  |  |  | 38.9 |
Specialty Minerals |  |  | 38.2 |  |  |  | 35.5 |  |  |  | 34.9 |
Refractories |  |  | 6.6 |  |  |  | 6.8 |  |  |  | 6.9 |
Energy Services |  |  | 8.4 |  |  |  | 8.2 |  |  |  | 11.2 |
Total |  |  | 94.3 |  |  |  | 91.0 |  |  |  | 91.9 |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  |  | 2,119.7 |  |  |  | 1,989.6 |  |  |  | 1,942.1 |
Specialty Minerals |  |  | 511.9 |  |  |  | 519.4 |  |  |  | 491.7 |
Refractories |  |  | 296.6 |  |  |  | 307.4 |  |  |  | 283.4 |
Energy Services |  |  | 110.4 |  |  |  | 110.6 |  |  |  | 104.7 |
Total |  |  | 3,038.6 |  |  |  | 2,927.0 |  |  |  | 2,821.9 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  |  | 22.4 |  |  |  | 33.1 |  |  |  | 12.8 |
Specialty Minerals |  |  | 42.4 |  |  |  | 32.6 |  |  |  | 40.4 |
Refractories |  |  | 5.0 |  |  |  | 5.9 |  |  |  | 5.9 |
Energy Services |  |  | 4.9 |  |  |  | 4.5 |  |  |  | 1.4 |
Total |  |  | 74.7 |  |  |  | 76.1 |  |  |  | 60.5 |
A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2018 |  |  | 2017 |  |  | 2016 |
Income from Operations before Provision (Benefit) for Taxes on Income |  |  |  |  |  |  |  |  |
Income from operations for reportable segments |  | $ | 262.1 |  |  | $ | 254.5 |  |  | $ | 234.9 |
Acquisition related transaction and integration costs |  |  | (1.7 | ) |  |  | (3.4 | ) |  |  | (8.0 | )
Unallocated corporate expenses |  |  | (4.5 | ) |  |  | (6.7 | ) |  |  | (3.0 | )
Consolidated income from operations |  |  | 255.9 |  |  |  | 244.4 |  |  |  | 223.9 |
Non-operating deductions, net |  |  | (51.8 | ) |  |  | (53.5 | ) |  |  | (53.6 | )
Income from operations before provision (benefit) for taxes on income |  |  | 204.1 |  |  |  | 190.9 |  |  |  | 170.3 |
Total Assets |  |  |  |  |  |  |  |  |  |  |  |
Total segment assets |  |  | 3,038.6 |  |  |  | 2,927.0 |  |  |  | 2,821.9 |
Corporate assets |  |  | 48.5 |  |  |  | 43.4 |  |  |  | 41.5 |
Consolidated total assets |  |  | 3,087.1 |  |  |  | 2,970.4 |  |  |  | 2,863.4 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Total segment capital expenditures |  |  | 74.7 |  |  |  | 76.1 |  |  |  | 60.5 |
Corporate capital expenditures |  |  | 1.2 |  |  |  | 0.6 |  |  |  | 1.9 |
Consolidated capital expenditures |  |  | 75.9 |  |  |  | 76.7 |  |  |  | 62.4 |
Financial information relating to the Company's operations by geographic area was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2018 |  |  | 2017 |  |  | 2016 |
Net Sales |  |  |  |  |  |  |  |  |
United States |  | $ | 961.6 |  |  | $ | 939.3 |  |  | $ | 936.2 |
Canada/Latin America |  |  | 83.7 |  |  |  | 81.6 |  |  |  | 82.6 |
Europe/Africa |  |  | 443.4 |  |  |  | 349.0 |  |  |  | 338.8 |
Asia |  |  | 318.9 |  |  |  | 305.8 |  |  |  | 280.4 |
Total International |  |  | 846.0 |  |  |  | 736.4 |  |  |  | 701.8 |
Consolidated net sales |  |  | 1,807.6 |  |  |  | 1,675.7 |  |  |  | 1,638.0 |
Long-Lived Assets |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,767.7 |  |  | $ | 1,774.4 |  |  | $ | 1,794.5 |
Canada/Latin America |  |  | 13.7 |  |  |  | 14.8 |  |  |  | 14.8 |
Europe/Africa |  |  | 225.0 |  |  |  | 115.9 |  |  |  | 98.2 |
Asia |  |  | 123.0 |  |  |  | 132.0 |  |  |  | 127.3 |
Total International |  |  | 361.7 |  |  |  | 262.7 |  |  |  | 240.3 |
Consolidated long-lived assets |  |  | 2,129.4 |  |  |  | 2,037.1 |  |  |  | 2,034.8 |
Net sales and long-lived assets are attributed to countries and geographic areas based on the location of the legal entity. No individual foreign country represents more than 10% of consolidated net sales or consolidated long-lived asset. The Company's sales by product category are as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2018 |  |  | 2017 |  |  | 2016 |
Metalcasting |  | $ | 328.9 |  |  | $ | 294.3 |  |  | $ | 258.0 |
Household, Personal Care & Specialty Products |  |  | 248.8 |  |  |  | 169.6 |  |  |  | 171.2 |
Environmental Products |  |  | 80.3 |  |  |  | 67.7 |  |  |  | 78.9 |
Building Materials |  |  | 70.4 |  |  |  | 78.2 |  |  |  | 74.1 |
Basic Minerals |  |  | 99.7 |  |  |  | 125.0 |  |  |  | 103.9 |
Paper PCC |  |  | 378.5 |  |  |  | 377.7 |  |  |  | 387.9 |
Specialty PCC |  |  | 66.9 |  |  |  | 66.0 |  |  |  | 64.3 |
Ground Calcium Carbonate |  |  | 91.0 |  |  |  | 87.3 |  |  |  | 83.6 |
Talc |  |  | 52.9 |  |  |  | 53.8 |  |  |  | 55.7 |
Refractory Products |  |  | 261.1 |  |  |  | 226.9 |  |  |  | 219.0 |
Metallurgical Products |  |  | 50.8 |  |  |  | 52.5 |  |  |  | 55.5 |
Energy Services |  |  | 78.3 |  |  |  | 76.7 |  |  |  | 85.9 |
Total |  | $ | 1,807.6 |  |  | $ | 1,675.7 |  |  | $ | 1,638.0 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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